Shortly before two examiners the books of our family social credit union came in January to investigate the director Sue Cain It makes cleaning the bathroom.
If auditors need all files to recover from the garage. But there was a possible distraction he could not fully control: His son played little baby in the next room.
Ms. Cain leads, cash Omaha, Nebraska. Of his three bedroom ranch style house, is part of a cozy corner of the financial sector, where companies is performed often stored in a nightgown and loan documents in the mailbox.
Until recently, this business model was threatened at home. Relying on the safety and comfort of its auditors, the National Credit Union Administration proposed the end of 2013 a rule that would have required all members to operate commercial sites, a potentially fatal blow to the 85 cooperatives home loan in the US .S.
The NCUA, which governs financial cooperatives by the federal government, said among other things that sometimes the auditors were forced in unheated basements to work and was in danger of being attacked by hostile dogs when they visited credit unions at home.
Now, a campaign against Mrs Cain and his companions, reversed the controller. The problem was not put to a vote of the board, and it is unlikely to gain ground again soon, people familiar with the matter.
NCUA chair Debbie Matz He said it is still concerned about the issue, but the agency takes a softer approach.
The controller is "to do everything at home better suited to help credit unions transition to Cubicle, consumers will best serve, safer and ultimately those credit unions the opportunity to grow and thrive," Ms. Matz said in a statement ,
An interruption in the proposal of a headlight in an industry that seems an anachronism in an age when the most important political debate about whether companies Wall Street is too big to fail, and not too small, to be sure.
"It's pretty easy to fix simply lock the dog in another part of the house," John, treasurer of the credit union of the Regional School of Franklin, who works in his in a second room of Jeanette conditioning the blank Cottage, Pa.
"Me Devil worse," he said Louis Sneyers, the Waldwick, New Jersey, the house served as the headquarters staff NJT Federal Credit Union for 45 years.
Most credit unions at home nowadays are very small, with total assets that are a fraction of that of a traditional bank branch.
Many do not even see members in their offices at home, go to the homes of members of their work or a local cafe.
home credit unions safe to say not a big problem, because most do not large sums of money deal. The documents are usually stored in safes and fireproof cabinets and double in digital versions.
Ms. Kain and her husband, Larry, keep your credit union on behalf of more than 500 family members. It has assets of about $ 550,000 and the annual meeting serves as a family reunion.
In his letter opposes the proposal NCUA explaining Cain to members 24 hours a day, seven days a week. If forced to move to a commercial site, Cain said he would have to reduce hours.
It also promotes its computer system, which she said was "the final precaution against piracy. If that is not connected to the Internet."
Mr. Sneyers, 73, treasurer of an association which serves cuts 1033 bus drivers and pensioners controls, calculated dividends and conducting other business in a small room in his house in the 1950 season in northern New Jersey. A poster in the office reads "grandpa's workshop."
Unlike banks credit unions are nonprofit organizations whose members have a common bond through work, church, family relationship or other affiliation. Most home only provide basic financial services such as credit cooperatives savings accounts and loans for cars, avoiding contact with complex products such as mortgages and credit cards.
shared experiences members can effectively help.
Education teacher call the Glacial Lakes Federal Credit Union employees, if the employer the Janzen It is listening to a message in full-time work, as they say, to "please include your name and phone number and leave the amount you want to withdraw money from your account and the next day in the email to be out of school."
Like regular credit unions, which are reviewed annually to ensure their loans are solid and follow all the rules.
Mr. Sneyers said he proposed leaving the auditors work on a terrace built overlooking the pool.
When Cain in January considering spent two days reviewing the auditor scattered on the table files. Mrs. Cain, a retired teacher said the men seemed "very comfortable".
The decision to maintain the status quo arrived too late to Fable Griffin, who manages the Federal Credit Union IHC Dallas for three years in his home in Colleyville, Texas. The union has about 110 members served, the current or former employees of a transport company. When one critic said that the cooperative who may find an office, Mrs. Griffin was a local church or closure of business premises to find.
In 2014, it merged with a nearby credit union.
"I've tried everything, but I can with something do not come so in threw in the towel," he said. "I miss him much."
Write to Robin Sidel in robin.sidel@wsj.com
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